Regarding how much impact the new tariff will have on Bangladesh’s merchandise trade, several exporters said that after a US court suspended the reciprocal tariffs in February, a 10 per cent tariff was imposed under the Trade Act of 1974.

As that tariff is coming to an end, a new 10 per cent tariff is being imposed. As a result, there is no change in the overall tariff rate. However, the concern is that the Trump administration is conducting another investigation. It remains to be seen whether that will lead to the imposition of any additional tariffs.

The Office of the United States Trade Representative (USTR) announced the new tariff in a notice published in the Federal Register on Thursday. Goods already in transit to the United States before 12:01 am on 28 July will be exempt from the new duty.

The tariff has been imposed under Section 301 of the Trade Act of 1974 and will apply to about 99.4 per cent of goods imported into the United States. However, certain products—including oil, gas, fertilisers and some food items—have been exempted.